Zillow: Fixed-Rate Mortgages Drop to 4.05 Percent

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently at 4.05 percent, down five basis points from this time last week. The 30-year fixed mortgage rate declined early last week to 4.03 percent, where rates hovered for the majority of the week before rising slightly to the current rate on Monday. “Rates dropped last week, and briefly dipped below four percent for the first time since October, as expectations rose that the European Central Bank will ease monetary policy to stimulate growth,” said Erin Lantz, vice president of mortgages at Zillow. “With little domestic news scheduled for release this week, market observers will look abroad for news that could push rates back into the three percent range.” Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey. The rate for a 15-year fixed home loan is currently 3.06 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.77 percent.